https://www.taxtmi.com/caselaws?id=126072 Modvat credit was held inadmissible where the evidence showed that the invoiced inputs were never actually received in the factory and the duty-paying documents had been procured to support open-market purchases. The record, including inconsistent vehicle particulars and belated invoice corrections, supported the inference of misuse of the credit mechanism, so recovery with interest and equivalent penalty on the assessee was sustained. However, once that equivalent penalty was imposed, a separate penalty under the overlapping rule was not warranted, and partner-level penalties were also set aside. Confiscation of the brass scrap and the redemption fine were upheld as consequences of the proved misuse. en-us Wed, 04 Mar 2009 00:00:00 +0530 Fri, 02 Nov 2012 10:15:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=126072 Modvat credit was held inadmissible where the evidence showed that the invoiced inputs were never actually received in the factory and the duty-paying documents had been procured to support open-market purchases. The record, including inconsistent vehicle particulars and belated invoice corrections, supported the inference of misuse of the credit mechanism, so recovery with interest and equivalent penalty on the assessee was sustained. However, once that equivalent penalty was imposed, a separate penalty under the overlapping rule was not warranted, and partner-level penalties were also set aside. Confiscation of the brass scrap and the redemption fine were upheld as consequences of the proved misuse. Case-Laws Central Excise Wed, 04 Mar 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=126072